The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Automatic Content Recognition (ACR) Market. The growth sectors of the Automatic Content Recognition (ACR) Market are identified with precision for a better growth perspective.
Increased usage of smart devices like smart TVs and smartphones has spurred the growth of the automatic content recognition industry. Market Research Future which focuses on market reports connected to Information and Communications Technology sector amongst others recently made available a report on this sector. The industry is anticipated to develop at a CAGR of approximately 32.4 per cent in the forecast period.
Emerging new technologies and increased consumer demand for more customized content has boosted the growth pace of the industry to a great extent. Increased levels of adoption of portable devices have been instrumental in maximizing the growth potential of the market. Large user base for the industry has increased the growth potential of the industry. With TV manufacturers significantly focusing on production of smart TVs as the consumer demand for such products has risen significantly, has provided more avenues for growth of the ACR market in the forecast period.
The market for global automatic content recognition is divided on the criteria of technology, service and end-user. On the criteria based on technology, the market is divided into acoustic & digital video fingerprinting, optical character recognition, video & image watermarking and speech recognition. In service, the market is segmented into professional service, managed service and valued added service. On the basis of end-user the market is segmented into defense & public safety, consumer electronics, e-commerce, education, automotive, media & entertainment, IT & telecommunication, healthcare, avionics and others.
Detailed Regional Analysis
The market for automatic content recognition includes Europe, North America, Asia Pacific and Rest of the World. It has been witnessed that North American region is responsible for the main share of the market. The Middle East and Asia-Pacific region is estimated to display the main development chances in the segment due to an increase population, rising mobile users, mounting popularity of BYOD technology and prosperous IT & telecommunication are the key causes powering the market expansion. The North American area holds the main market portion in the industry across the globe followed by Asia Pacific and European regions. The Canada and US markets are governing the market in North America due to increasing technological improvements and a reputable media and entertainment industry. The Asia-Pacific region is anticipated to grow with highest CAGR.
Global Competitive Analysis
The goods that are on offer presently vary greatly owing to the reason of the strong pace of technological discoveries. This has raised the opportunities for the approaching growth period. The companies in this industry space are connecting their resources to achieve their vision for achieving considerable portion of the business as early as possible. This consequence is productive for firms so that they may maintain fiscal liquidity to take the best conclusions in terms of strategy execution and planning. The profitable prospects available in this market are being utilized by contenders who are trying to spread their market coverage by centered development which will prove to be perfect for the evolution of this business sector.
Some of the major companies in the market are ACRCloud (China), Audible Magic Corporation (U.S.), Digimarc Corporation (U.S.), Google, Inc. (U.S.), Nuance communications (U.S.), Arcsoft, Inc. (U.S.) and Microsoft Corporation (U.S.).
Automatic Content Recognition Market expected to reach more than 27% CAGR growth forecast period…
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